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Mastermind Masterclass:A CEO's Guide to Marketing with Dave Kellogg

Mastermind Masterclass:A CEO's Guide to Marketing with Dave Kellogg

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No one word strikes more terror in the heart of product-, engineering-, or even sales-oriented founders and CEOs than "marketing." How to understand marketing? How to drive marketing? How to measure marketing? What to look for in a marketing leader? In this session, we'll talk about how CEOs (and ohter startup execs) should think about, charter, direct, and support marketing

No one word strikes more terror in the heart of product-, engineering-, or even sales-oriented founders and CEOs than "marketing." How to understand marketing? How to drive marketing? How to measure marketing? What to look for in a marketing leader? In this session, we'll talk about how CEOs (and ohter startup execs) should think about, charter, direct, and support marketing

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Mastermind Masterclass:A CEO's Guide to Marketing with Dave Kellogg

  1. 1. A CEO’s Guide Marketing (The 5 Things You Need to Know) Dave Kellogg EIR, Balderton Capital Principal, Dave Kellogg Consulting Author, Kellblog @Kellblog 1
  2. 2. You Thought You Founded a Technolgy Company 2
  3. 3. Why Did You Found Anyway? Product-oriented founders sometimes think they have founded a technology business that seeks distribution, … when they’ve actually founded a distribution business that makes technology 3
  4. 4. What’s The Scariest Thing a CEO Can Hear in a QBR? 4
  5. 5. The Marketing Session’s Up Next 5
  6. 6. Why is The Marketing Session So Scary? Lost in unfamiliar territory that you didn’t grow up in Overwhelmed by a blizzard of acronyms and buzzwords Buried in a sea of numbers (e.g., counts and conversion rates) Confused by ill-defined terminology and process Drawn into conflict between sales and marketing 6
  7. 7. And maybe you’re a little afraid to admit you don’t understand all this 7
  8. 8. “OK, that was great. Next session, please.” (and continue to live, paraphrasing Thoreau, a life of quiet marketing desperation) So you say, 8
  9. 9. Your Marketing Guide Today is Dave 10+ Years a CMO ● Versant ($1-15M) ● Business Objects ($30M-1B) ● Alation (gig) 10+ Years a CEO ● MarkLogic ($0-80M) ● Host Analytics ($8-50M) 10+ Years a Director ● Alation ● Aster Data (exit) ● Granular (exit) ● Nuxeo (exit) ● Profisee (exit) ● Scoro ● SMA 9
  10. 10. 5 Things Every CEO Should Know About Marketing 1. Reverse-engineer marketing from buyer empathy 2. Marketing is all about funnels 3. Models are, at best, guiding abstractions 4. Messaging is a structured FAQ 5. Use a pillar profile to hire your next marketing head 10
  11. 11. We Can Derive Marketing from Two Questions Buyer Question: Why buy one or why buy mine? ● Answer incorrectly at your peril ● Listen to Gong recordings ● Read market research ● Look at category formation ● Action: custom periodic study Buyer Consideration: Low/high consideration purchase? ● Price is only one criteria ● Risk, scope, oppty cost ● In PLG, only initial is auto-low ● High means “long copy sells” ● Action: mix of long/short tools ● Action: seminal white paper PLG = product-led growth, see resources page 11
  12. 12. Imagine You Were Buying a Solution ● Where would you go for information? ● What evaluation process would you use? ● Who you want to speak to as references? ● What third-party sites or analyst groups would you leverage? ● What process would you use to make final decision? (e.g., people) ● On what criteria would make final decision? (e.g., vendor vs. product) Action: use market research to answer these questions Action: don’t just imagine; ask customers about the process And your team’s effectiveness depended on it 12
  13. 13. Marketing is All About Funnels: Conceptual Awareness Consideration Trial Purchase ● Have you heard of X? ○ Unaided, aided ● Would you consider buying X? ○ Price, quality, positioning, requirements fit, (vendor) reputation, substitutes ● Have you tried X? ○ Ease of trial, prioritization of trials ● Did you purchase X? ○ Bought competitor, deferred Action: use market research to understand this 13
  14. 14. Enterprise SaaS Funnels: Marketing & Sales SAL (S1) SQL (S2) Solution Fit Demo Vendor of Choice Legal Won Visitors Names Responses Leads MQL SAL Marketing Sales 14
  15. 15. Remember There are Four Pipegen Sources Stage 1 Oppties Stage 2 Oppties Marketing SDR Outbound Alliances Sales Outbound And document stage-2 oppty generation goals for all of them 15
  16. 16. Tips on Funnels ● Measure pipeline generation by oppty count, not ARR dollars ● Remember to document pipegen goals for all pipegen sources ○ Overallocate when starting new sources (need 200 oppties, allocate 220) ○ Set goals on oppty count, not percent of oppties generated ● Marketing should be the quarterback of the pipeline ○ Forecast pipeline coverage -- from all pipegen sources, not just marketing ● In general, look first at these rates (approx. ranges) ○ MQL  S1, range 5-10% ○ S1  S2, range 60-80% ○ S2  Won, range 15-25% 16 Example rates are anecdotal from my experience; see Sirius Decisions or equivalent for data
  17. 17. We Can Build Elegant, Integrated Models 17
  18. 18. But Then Reality Hits You in the Face 18 ● 15 contacts ● 4 buyer roles ● 75 touches ● Nurtured up to 2 years ● Across 2 different companies ● Heard from friends ● Recommended by partners ● Saw us in search results ● Downloaded e-books ● Talked to us at a tradeshow ● Asked Gartner who to evaluate ● 20 webinar attendees ● Ran RFP process and committee Reality is anything but linear; beware the Excel-induced hallucination
  19. 19. “All models are wrong, but some are useful” -- George Box 19
  20. 20. Using Models as Guiding Abstractions ● Build them, integrated from sales hiring to demandgen budget ● Recognize their limitations ● Use models as tool of enlightenment, not oppression ○ Don’t hold executives’ feet to the fire over the model outputs ○ Instead, hold them accountable for pipeline coverage and sales performance ● Pro tips: ○ If sales hiring way off plan, re-run the capacity model and judge execution off it ○ Use demandgen cost in cost/oppty, not overall marketing cost; want a marginal cost ○ Assess S&M effectiveness with CAC ● Action: ground yourself with these two sessions at every QBR ○ Win/loss analysis to inform why you are winning and losing deals ○ Win-touch analysis to remind you of the reality of how deals get won 20
  21. 21. Messaging is a Structured FAQ ● Messaging is standardizing the answers to commonly asked questions ● What needs messaging? ○ Your company, your product, your new announcement, … ● What should be included in messaging? 5W+3H ○ Who? ○ What? ○ Where? ○ When? ○ Why? ○ How? ○ How much? ○ How different? 21
  22. 22. Messaging Should be Simple, Ergo Memorable ● Impose simplicity: turn a grey reality into black and white ○ Good: we have aggregate-awareness, they don’t ○ Bad: our aggregate-awareness is better than theirs ○ Worse: only we have “true” aggregate-awareness ● On offense, you want black and white ○ Only we have Query Log Ingestion (QLI) that uses logs to improve search relevance ● On defense, you want grey (i.e., muddy the waters) ○ Well, actually we both have a Consolidation module now, ours came out last month ● Follow the Rule of Threes ○ The answer to every question is always three points 22 You should be able to tell your story on a paper tablecloth
  23. 23. The Magic of Messaging: The Ternary Tree Intelligence ● Query log ingestion ● Behavior analysis engine ● Expert identification Collaboration ● Wiki pages ● User referrals ● Conversation threads 23 Remember 9 things by remembering 3 things about 3 things Guided Navigation ● Intelligent query editor ● Real-time suggestions ● In-built governance (Example only: similar, but not identical to the messaging of an affiliated company) What differentiates us from the common alternative?
  24. 24. Conceptually, Marketing Has Four Pillars 24 ● Assess what you need ● Assign 1-5 points per pillar ● The trick: you only get 15 points ● There are no 20s ● I’m a (5, 3, 5, 2) ● Series A maybe (5, 4, 2, 4) ● Series E maybe (3, 5, 4, 3) Product Marketing Launch Messaging Content Demand Generation Digital Programs Events Marketing Comms PR/AR Stories Brand Sales Development Inbound Outbound Hybrid
  25. 25. Using Marketing Pillar Profiles 25 0 1 2 3 4 5 Product Demandgen Comms SDRs Desired Candidate 1 Candidate 2 Candidate 3
  26. 26. Summary and Conclusion ● Odd are you’re spending 2x+ on S&M compared to R&D ● Welcome to running a distribution business: sales, success, marketing ● Marketing need not strike fear into the hearts of the e-team ● Great marketers make it easy; bad ones obfuscate ● Remember the 5 things you need to know 1. You can reverse-engineer marketing from buyer empathy 2. Marketing is all about funnels 3. Models are, at best, guiding abstractions 4. Messaging is a structured FAQ 5. Hire your next marketing leader using pillar profiles 26
  27. 27. THANK YOU 27
  28. 28. Appendix 28
  29. 29. Resources, I ● Benchmarks/comps: https://www.meritechcapital.com/public-comparables/enterprise#/public- comparables/enterprise/valuation-metrics or https://cloudedjudgement.substack.com/ or https://blog.publiccomps.com/ ● Product-led growth: https://openviewpartners.com/product-led-growth/ or https://www.insightpartners.com/blog/product-led-growth-the-new-paradigm-in-software-selling/ ● Marketing buzzwords: https://clictadigital.com/top-100-common-digital-advertising-acronyms- abbreviations/ ● Martech landscape: https://chiefmartec.com/2019/04/marketing-technology-landscape- supergraphic-2019/ ● Market research: https://kellblog.com/2021/05/15/navel-gazing-market-research-and-the- hypothesis-file/ ● Buyer question: https://kellblog.com/2018/06/13/the-two-archetypal-marketing-messages-bags- fly-free-and-soup-is-good-food/ or https://www.productmarketinghive.com/pmm-hive-talk-with- dave-kellogg-marketing-in-hot-and-cold-markets/ 29
  30. 30. Resources, II ● Long copy sells: https://www.businessinsider.com/if-you-think-short-copy-sells-more-think-again- 2013-5 or https://neilpatel.com/blog/david-ogilvy/ ● Sample market research firms: https://toplinestrategy.com/ or https://velociti.partners/ or https://www.kingbrown.com/ ● Bradley effect (lying to pollsters): https://en.wikipedia.org/wiki/Bradley_effect ● SAL/SQL name inversion: https://kellblog.com/2019/11/22/a-historical-perspective-on-why-sal- and-sql-appear-to-be-defined-backwards/ ● Inverted funnel model: https://kellblog.com/2019/12/03/why-every-startup-needs-an-inverted- demand-generation-funnel-part-i/ and https://kellblog.com/2019/12/05/why-every-startup-needs- an-inverted-demand-generation-funnel-part-ii/ and https://kellblog.com/2020/01/26/why-every- startup-needs-an-inverted-demand-generation-funnel-part-iii/ 30
  31. 31. Resources, III ● Pipeline forecasting and coverage: https://kellblog.com/2019/09/29/ive-got-a-crazy-idea-how- about-we-focus-on-next-quarters-pipeline/ or https://kellblog.com/2021/04/30/using-this-next-all- quarter-analysis-to-understand-your-pipeline/ or https://kellblog.com/2021/04/29/using-to-go- coverage-to-better-understand-pipeline-and-improve-forecasting/ ● Funnel conversion firms: https://www.siriusdecisions.com/ (now Forrester) or https://www.gartner.com/en/topo-now-gartner (now Gartner) or https://clozeloop.com/ ● Sales bookings capacity model: https://kellblog.com/2020/02/15/how-to-make-and-use-a-proper- sales-bookings-productivity-and-quota-capacity-model/ ● Messaging / imposing simplicity: https://kellblog.com/2020/03/08/a-missive-to-marketing- impose-simplicity/ ● Me rambling on marketing: https://kellblog.com/2020/12/09/chatting-about-marketing-slides- from-a-pe-portfolio-company-ceo-summit/ or https://kellblog.com/2020/08/28/how-to-get-sales- and-marketing-working-together-presentation/ or https://kellblog.com/2021/09/05/appearance- on-the-yes-and-marketing-podcast/ 31
  32. 32. Resources, IV (Books) 32 Five marketing classics (my brand-manager daughter’s Christmas present) See https://kellblog.com/2019/02/28/the-three-marketing-books-all-founder-ceos-should-read/ https://kellblog.com/2014/06/15/ten-classic-business-books-for-entrepreneurs-startup-founders/

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